The 2025 derivatives market landscape is set: Who is leading the trading volume war

【ChainNews】CoinGlass's latest 2025 Cryptocurrency Derivatives Market Annual Report reveals an interesting phenomenon—the competitive landscape among leading exchanges is gradually stabilizing.

In the liquidity depth comparison of mainstream assets like BTC and ETH, several top-tier institutions have formed a clear first echelon. Trading volume data best illustrates the point: the platform with an average daily trading volume of approximately $77.45 billion firmly holds the first place, with a market share close to 30%; followed closely by a platform with an average daily volume of $33.2 billion, controlling 12.5% of the market; the third and fourth places are operated by exchanges with average daily volumes of $29.1 billion and $25.2 billion, with market shares of 11% and 9.5%, respectively.

However, looking at trading volume alone is not comprehensive enough. CoinGlass's comprehensive evaluation system is more interesting—they not only consider basic trading data but also incorporate product systems, security guarantees, information transparency, and market liquidity quality into the weighting.

After the overall scores are released, the top-ranked platform scores 94.33 points, with a clear lead; the second place follows with 88.77 points; and the third scores 83.10 points. This report clearly reflects that derivatives exchanges are not only competing in trading volume; security, user experience, and market depth also determine the ecosystem's competitiveness.